Australian universities in a pandemic world: transforming a broken business model?

Purpose The purpose of this paper is to critique the accounting and financial orientation of Australian universities' business model to identify the future university financial management and accounting role in universities' strategic trajectory responding to COVID-19. Design/methodology/approach Informed by Habermasian perspectives on change, it uses published research into university commercialisation and media commentaries on COVID-19 impacts. Findings Australian universities have aggressively pursued an accounting-based private sector business model. Their revenue generating reliance on international student revenues has been undermined by the COVIS-19 crisis. Nonetheless, university management clings to their commercialised university identity and role colonised by the accounting structures. Fundamental change requires a reversal of this relationship. Research limitations/implications Future research must observe and evaluate university strategic crisis reactions and their impacts on national and societal well-being with a view to identifying alternative futures. Practical implications Universities face decisions concerning their ongoing role in society and their future approach to balancing operational strategies and the accounting influence. Social implications This study raises the issue of whether universities should continue being seen as an export industry supporting the national economy or as knowledge, educational and social resource for their national and regional communities. Originality/value This paper integrates research into universities over several decades into a strategic critique of their current reaction to an unprecedented global pandemic.